财政部新闻发布会解读：财政周期：序幕开启

Fiscal Policy Insights - The Ministry of Finance announced targeted incremental policy measures to enhance counter-cyclical fiscal policy and promote high-quality economic development[1] - The fiscal deficit for 2024 is projected at 8.96 trillion RMB, with a budget deficit ratio set at 3%[7] - The net financing of government bonds from January to September 2024 reached approximately 7.4 trillion RMB, completing 85% of the annual target[7] Debt Management Strategies - Policies include increasing debt limits to support local governments in managing hidden debt risks, with a significant one-time increase planned[6] - Special government bonds will be issued to bolster the core tier one capital of major state-owned commercial banks, enhancing financial system stability[6] Revenue and Expenditure Trends - From January to August 2024, general public budget revenue decreased by 2.6% year-on-year, completing only 66% of the annual budget[15] - Government fund budget revenue saw a more pronounced decline of 21.1% year-on-year, marking the lowest level in a decade[15] - General public budget expenditure growth slowed to 1.5%, the lowest since 2021, completing 60.9% of the annual budget[15] Economic Outlook - The broad fiscal deficit rate as of August 2024 was estimated at 7.8%, down from 11.7% in 2022 and nearly 13% in 2020, indicating a gradual tightening of fiscal policy[19] - The Ministry of Finance emphasized the need for comprehensive measures to achieve revenue and expenditure balance, reflecting a shift in fiscal policy attitude[13]